CROWN Asia Chemicals Corp. announced that its net earnings in the first quarter grew 38% to P75.62 million, due to an increase in revenues across all its divisions.
Revenues rose by 25% to P514.64 million, the company said in a disclosure on Wednesday.
Crown Asia said during the past year, its pipes had been used in major railway systems such as the first phase of North-South Commuter Railway and Metro Rail Transit Line 3.
Its pipes were also used in completed flagship infrastructure projects, including the NAIA Expressway, Cavite–Laguna Expressway, Skyway 3, MRT-7 and Clark International Airport, it said.
Crown Asia manufactures pipes, premium PVC compounds and PVC roofing materials. Premium PVC compounds are used for various product applications, mostly for the manufacture of electrical wires and cables, and for packaging and footwear.
Crown Asia said that it is looking into complementary product expansions with its PVC septic tanks and bathroom essentials.
“More related products are in the planning board with the vision to offer complete line of products for the construction industry both infrastructures and private developments. To this end, business collaborations are constantly in various active stages to achieve the desired results,” the company said.
“The constancy and resiliency of Crown Asia rests on its corporate governance and ethical values in business dealings with all stakeholders. It is believed that the principled way of governance and compliance will carry Crown Asia to next generations to come,” it added.
At the stock exchange on Wednesday, Crown Asia shares went up by 3.35% or P0.06 to close at P1.85 each. — Luisa Maria Jacinta C. Jocson